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The use of credit cards tends to vary drastically from person to person. Some people use credit cards to pay for most of their daily expenses, while other people hesitate to charge any monthly expense to their credit card account. Here is a look at the latest trends in credit card use among adult Americans.

Young adults ditching credit cards

According to, since the recession, the number of young adults in America living without credit cards has doubled. In fact, by the end of 2012, approximately 16% of Americans between the ages of 18 and 29 didn’t own a single credit card. In 2007, this rate was only 8%. As could be expected, credit card debt among this age group has also declined by approximately a third. Many young Americans are shying away from credit card use after witnessing the financial struggles faced by their parents during the recession.

Banks charging mobile fees

Developing mobile app projects can cost between $1 million and $5 million. Many times, boards and executive committees of banks want to see some sort of financial return on this mobile app investment. Even though there are varying opinions within the banking industry on whether or not it is a good idea to charge for mobile banking services, some banks have already begun implementing these fees. For example, U.S. Bank began charging 50 cents for every mobile check deposit since 2010.

College graduates worry about debt

There are almost two million recent college graduates entering the working force or looking for a permanent, professional position. Unfortunately, a large number of these recent college graduates have the additional burden of carrying around student loan debt. As a result, recent college graduates are increasingly cautious of using credit cards and adding on to their current debt obligations.

Since 1990, the bankruptcy attorneys of Cutler & Associates, Ltd. have provided legal service to people in the Chicagoland area.